Dealers who receive cash payments of more than $10,000 and/or suspicious currency transactions must fileĀ Form 8300 with the IRS by the 15th day after the date the cash transaction occurred. State law also requires a dealer to send a copy of a completed Federal Form 8300 to the Florida Department of Revenue no later than 15 days after the date the transaction is required to be reported to the IRS.

Besides filing Form 8300, you also need to provide a written statement to each party whose name you included on the Form 8300 by Jan. 31 of the year following the reportable transaction. If you filed Form 8300 on an individual and checked the suspicious transaction box, and a Form 8300 was not otherwise required, do not inform the individual that a Form 8300 was filed. A dealer is only required to provide a statement to individuals if the filing of the Form 8300 is required. A dealer is prohibited from informing the buyer that the suspicious transaction box was checked.

This statement must include the name, address, contact person and telephone number of your business and the aggregate amount of reportable cash. The statement must also indicate that you provided this information to the IRS.